Date Palm Self Storage in Cathedral City, Calif., sold for nearly $5.8 million to private investors. The property, 69100 Converse Road will be re-branded as Extra Space Storage.
Located near Highway 111 and Date Palm Drive, the class-A single-story facility has 552 self-storage units and 73 outside RV/boat-storage spaces for a total 103,500 net rentable square feet. The facility was 75 percent occupied at the time of the sale.
Stephen Grossman of NAI Capital Self Storage Investment Group handled the offmarket transaction on behalf of the seller. The property had been available for only a short period. According to Grossman, the buyers plan to make improvements to the property and launch a new marketing program with Extra Space Storage management.
Headquartered in Southern California, NAI Capital Self Storage Investment Group offers self-storage brokerage, marketing and consulting services to self-storage owners and investors nationwide. The company has 14 offices in Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties.
